New Federal Reserve chair Kevin Warsh has brought sharp change in how the central bank communicates by saying much less than his predecessors about the economy and inflation.

Interest rates rebounded Thursday despite efforts by Treasury Secretary Scott Bessent to put a lid on longer-term borrowing costs.

The Federal Reserve is expected to leave its short-term interest rate unchanged on Wednesday for the fifth straight meeting, a move that will likely underscore the deep divide between how Chair Jerome Powell and President Donald Trump see the economy.

President Donald Trump’s sharp tariff hikes last week have sent the stock market into a tailspin, raised alarm bells among Wall Street executives, and heightened many economists’ worries that the U.S. could tip into recession.

President Donald Trump has pledged cheaper prices and lower interest rates, but an economy transformed by the pandemic will make those promises difficult to keep.